Summary
The China-Africa Development (CAD) Fund was established by the China Development Bank (CDB) as an investment vehicle in Africa. The China Development Bank is the shareholder.

The CAD Fund is managed independently and operated in a commercial basis. They have a team that manages the fund’s assets.

Background
Founded in March 1994, the China Development Bank is under the direct jurisdiction of China’s State Council.

Debts issued by the China Development Bank are fully guaranteed by the central government of the People’s Republic of China. It is one of the largest issuers of bonds in the People’s Republic of China.

In March 2007, the Chinese government officially established the China-Africa Development Fund. The funding will be broken out in 3 stages, totaling US$ 5 billion with the first phase being funded by the China Development Bank.

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